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Reduced demand to purchase farmland has slowed the
rate of increase in the value of “good” agricultural land, as
compared with a year ago, for the Seventh Federal Reserve
District. Based on a survey of 325 agricultural bankers as
of April 1, 2001, the quarterly increase in farmland values
remained at 1 percent, on average, for the District as a whole.
For the twelve months ending March 31 the increase was 4
percent. Although the year-over-year increase matched that
of last year, more bankers expected farmland values to decline
and fewer expected farmland values to go up in the
next three months. Interestingly, the bankers reported that
the amount of farmland for sale in recent months, as well as
the number and acreage of farms sold, was higher than a year
earlier. Cash rental rates for farmland showed a stronger increase
than was reported last year, as farm operations in the
District continued to shift toward cash rental arrangements.